galaxy postpones hong kong ipo on poor financi, page-27

Been usefull looking over recent and past GXY reports and comments. This from the 1-02-11 quaterly is worth a note given some posts today:

"Galaxy Targets 99.9% "EV Grade" Lithium Carbonate
During the quarter, the company continued to aggressively promote the new higher purity grades of lithium carbonate (LC): EV GRADE and EV PLUS GRADE. The existing offtake customers approved Galaxy's strategy and ability to supply purer grades of LC and have requested samples as soon as they become available. Japanese lithium battery electrolyte manufacturers have indicated a strong interest in the high purity 99.99% LC product (EV Plus Grade) because it has the potential to underpin supplies for future expansion plans. Currently, there are no large suppliers of this grade with production capabilities in a highly automated processing plant.

Market Interest; E-bikes
Various Chinese e-bike manufacturers have expressed interest in Galaxy's lithium carbonate production and indicated strong interest in signing long term offtake
agreements with Galaxy for output from its proposed battery manufacturing plant in China. The estimated production capacity of e-bikes in China is 25 million per annum powered mainly by lead acid batteries (LAB). Only 3% use Lithium ion (Li) batteries currently, however, the conversion rate from LAB to Li ion is approximately 30% pa. The Chinese Government's proposed policy on weight restriction of e-bikes may spur further demand for lithium batteries. Galaxy believes it is well poised to exploit this market by 2013, which is its proposed commissioning timeframe for the battery plant." p6